New orders for manufactured durable goods in August decreased $30.1 billion or 13.2 percent to $198.5 billion, the U.S. Census Bureau announced today. This decrease, down following three consecutive monthly increases, was the largest decrease since January 2009 and followed a 3.3 percent July increase. Excluding transportation, new orders decreased 1.6 percent. Excluding defense, new orders decreased 12.4 percent.
Transportation equipment, down following four consecutive monthly increases, had the largest decrease, $27.8 billion or 34.9 percent to $51.9 billion.
But…. most of this was Boeing, so said CNBS.
Let’s look inside, as this is ridiculously nasty on the surface, and see if that’s what we find.
Oops: The inside isn’t much better.
This report is not just weak when it comes to Boeing and defense aircraft (or non-defense aircraft for that matter!) The weakness is across the board and is downright nasty in places like motor vehicles. Machinery is also negative, as are computers and related; communications new orders are down all of the last three months as well.
This report is a broad-based recession warning folks, not a blip due to Boeing!